Report: Peyton Manning chooses Denver Broncos

The former Indianapolis Colts quarterback has instructed his agent, Tom Condon, to intensify contract negotiations with the Broncos, according to an ESPN report.

Quarterback Peyton Manning, then of the Indianapolis Colts, smiles after…

Peyton Manning is on his way to becoming the new starting quarterback of the Denver Broncos, according to a report by ESPN's Chris Mortensen and Adam Schefter.

Citing multiple sources, the report today says Manning has instructed his agent, Tom Condon, to intensify contract negotiations with the Broncos. If a deal is completed, ESPN is reporting, the Broncos will try to trade quarterback Tim Tebow, who led the team to a playoff victory last season.

The report calls a contract between Manning and the Broncos a "formality" at this point, saying the former Indianapolis Colts quarterback and the Broncos' vice president of football operations, John Elway, already discussed a five-year, $95-million deal during a March 9 meeting in Denver and that Elway told Manning he was ready to finalize a contract "fair to both sides" during a workout in Durham, N.C., on March 16

The contract is expected to include language to protect the team in case Manning can't perform due to his prior neck surgeries, but the quarterback has already passed a physical administered by Broncos doctors.

Barring any unforeseen setbacks, the deal between Manning and the Broncos will end a frantic couple of weeks that saw numerous teams vying for the services of the four-time league MVP.